Short answer
Blackstone Group (BX) filed its fiscal 2024 10-K annual report with the SEC on Feb 28, 2025. It reported revenue of $13.2B (+64.9% year over year) and net income of $2.8B.
- Top risk flagged: Regulatory compliance risk: error delayed Form 4 SEC filing Aug 2, 2024 due to filing agent software failure, refiled same day
FY2024 key financial metrics · XBRL
- Revenue
- $13.2B
- +64.9% YoY
- Net income
- $2.8B
- +99.6% YoY
- EPS (diluted)
- $3.62
- +96.7% YoY
- ROE
- 33.8%
- +13.4 pp YoY
- Operating cash flow
- $3.5B
- −14.2% YoY
Source: XBRL data from the Blackstone Group (BX) FY2024 10-K on SEC EDGAR. USD.
Blackstone Group FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: investment management earning management fees from multiple asset classes including Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing
- No new products or segments explicitly introduced; fee structures detailed with ranges across all existing segments
- Emphasis on fair value estimation's critical role in performance allocation and management fee calculation, highlighting sensitivity to valuation assumptions
- Performance Allocations measured using Hypothetical Liquidation at Book Value (HLBV) method, tying accrued income to unrealized fair value changes
- Detailed breakdown of management fee percentages by asset class and vehicle type, showing fee complexity and diversified revenue streams
Management Discussion & Analysis
- Estimated 10% decline in foreign currency exchange rates would reduce 2024 management fees by $52.4M and unrealized performance allocations by $683.9M
- Interest expense would increase by $0.4M annually with a 1% rise in interest rates on $39.9M variable-rate debt
- Annualized investment income could decrease by $4.0M from a 1% interest rate increase, offset partially by $2.4M rise in other revenue
- Credit spreads widening by 1% might reduce investment income by $1.5M annually; no direct outlook or guidance provided
Risk Factors
- Regulatory compliance risk: error delayed Form 4 SEC filing Aug 2, 2024 due to filing agent software failure, refiled same day
- Geopolitical/exposure: no specific geopolitical or macroeconomic threat detailed in text
- Operational vulnerability: mandatory vesting schedule for carried interest to incentivize retention amid employee turnover risks
- Competitive risk: compensation alignment with carried interest critical to attract/retain talent against other alternative asset managers
- Financial risk: carried interest "clawback" obligations could reduce or reverse compensation up to 67% in case of fund underperformance
Generated from the filing text; verify against the original. How to read a 10-K
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